Reuters reported Sunday that General Motors and the United AUto Workers were nearing a deal that would offer early retirement buyouts for thousands of GM and Delphi workers.

Talks were ongoing between the union and the two companies Sunday evening in Detroit, focusing on the payments and benefits package for early retirees.

No word on how many GM and Delphi hourly workers are likely to accept the offer. GM has said that it plans to eliminate 30,000 jobs by 2008. The company employs 105,000 hourly workers, while Delphi has about 23,000.

GM is badly in need of some good news - its stock price fell nearly 5 percent Friday in the wake of the company's upward revision of its 2005 losses.

Share This Photo X